Tuas Limited

Thank you for standing by and welcome to the Tours Limited Half Year Financial Year 2026 results call. All participants are in a listen only mode. There will be a presentation followed by a question and answer session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Mr. Richard Tan, CEO. Please go ahead.

Good morning and thank you for joining us. I'm Richard Tan. Chief Executive Officer of Simba Telecom, the principal operating entity of the Tuas Group. Also on the call today are Mr David Teo, Executive Chairman of Tuas Limited, and Mr Harry Wong, Chief Financial Officer of Simba Telecom. It's a pleasure to present the financial results for Tuas Limited for the half-year ending 31st January 2026, covering the period which started 1st August 2025. Let me briefly outline today's agenda as shown on slide two. We'll begin with Harry, who will walk through the financial performance and key metrics for the year. I'll then provide an update on our operational progress, status of M1 acquisition, and outlook for FY26. We'll conclude with a Q&A session to address any questions you may have. Please note that all financial figures discussed today are denominated in Singapore dollars. With that, I will now hand over to Harry to take us through the numbers.

Good morning everyone. My name is Harry Wong, CFO of Simba Telecom. I'll be presenting the financials of the TWAS Group. On slide 3, you'll see that we achieved a notable improvement in the financial results during the first half of FY26 when compared to that of FY25. Revenue for the half year is 91.9 million, up from 73.2 million for the same period last year. Pre-aggression cost amounting to 10.5 million was incurred. Excluding this, the underlying EBITDA increased 27%, up from 33.1 million to 42.1 million. We achieved a half year positive statutory net profit after tax of 8.2 million. which is a significant improvement on the prior period profit of 3 million. Next, we look at the revenue and EBITDA on slide 4. Revenue for the half year ending 31st January 2026 increased 26% compared to that of FY25. With the increased scale of the business, EBITDA margin has improved to 46% of revenue. Gross mobile output for the year was 9.61, The key driver of the EBITDA uplift is the increased subscriber base for both the mobile and broadband products. Our mobile plans include generous roaming data at every price point and broadband plans provide exceptional value, including premium Wi-Fi 7 routers and home phone lines as part of the package. Slide 5 shows our sustained mobile subscriber growth since FY23. As of 31st January 2026, we had about 1.412 million subscribers representing a 13% increase over the past half year. Slide 6 shows the broadband subscriber base. As of 31st January 2026, we had approximately 46,000 active services. We have gained traction in this segment and we have added 20,000 subscribers over the past half year. We proceed to the cash flow on slide seven. We continue to show positive cash flow. Opening cash and term deposit balance was $80.7 million. Net cash generated from operating activities was $50.1 million. The main cash outflow comes from acquisition of plant and equipment and intangible assets of $18.9 million. Lastly, mobile network and some fixed broadband infrastructure. We raised funds from capital markets of $360 million in support of the M1 acquisition. This brings the ending cash and term deposits to $478 million as of 31st January 2026. Again, positive cash flow after capex for the year is a welcome achievement. I should note that pre-acquisition costs that have been accounted for in this half year have not become liable for payment during the first half or since then. This explains a good portion of the positive cash flow outperformance compared to EBITDA. With this, Richard proceeds with the business updates.